Radiofrequency Identification (RFID) Tags Global Market Report 2024

The radiofrequency identification (rfid) tags market size has grown strongly in recent years. It will grow from $10.79 billion in 2023 to $11.67 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The expansion observed during the historical period can be ascribed to the growth in the industrial sector, an upsurge in the e-commerce industry, and an increase in healthcare expenditure.

The radiofrequency identification (rfid) tags market size is expected to see strong growth in the next few years. It will grow to $16.09 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The anticipated growth in the forecast period can be linked to the increasing adoption of the Internet of Things (IoT), a surge in the e-commerce industry, heightened healthcare expenditure, industrial sector expansion, the rise of smart cities, and the accelerated adoption of RFID tags across various sectors due to the COVID-19 pandemic. Key trends expected in the forecast period involve a strategic focus on acquisitions to expand into new markets, enhance market share, gain access to advanced technologies, and ultimately increase revenue potential. Additionally, technological advancements and a concentration on introducing new products are significant trends during this period.

The anticipated surge in e-commerce and online retail sales is poised to drive the growth of the RFID tags market in the upcoming forecast period. E-commerce, defined as the electronic buying and selling of goods and services primarily over the internet, coupled with payment and information exchange, stands to benefit significantly from RFID technology. This technology provides e-commerce entities with enhanced visibility into the supply chain, facilitating efficient fulfillment of customer orders. Notably, as of September 2022, consumer eCommerce constitutes 30% of the UK's overall retail industry, marking a substantial increase from 20% in 2020, and contributing over $120 billion in annual sales. In 2021, a notable 82% of individuals in the UK engaged in at least one online purchase. Thus, the escalating e-commerce and online retail sales are instrumental in propelling the RFID tags market's growth.

The escalating expenditure in the healthcare sector is anticipated to be a driving force behind the growth of the radio-frequency identification (RFID) tags market. Healthcare expenditure encompasses the total financial outlay on healthcare goods and services, spanning medical equipment, hospital and physician services, prescription drugs, and public health initiatives. The infusion of funds into healthcare holds the potential for substantial benefits through the implementation of RFID tags, fostering improved efficiency, patient care, and overall healthcare management. As of May 2023, the Office for National Statistics in the UK reported a 9.4% increase in nominal terms and a 9.7% increase in real terms in healthcare spending. The total healthcare expenditure in the UK for 2021 amounted to $367.25 billion (£280.7 billion), with pharmaceutical expenditure reaching $51.84 billion (£39.6 billion) in the same year. Notably, preventive care spending more than doubled from the previous year to reach $45.93 billion (£35.1 billion) in 2021. Hence, the rising healthcare expenditure is a significant driver propelling the growth of the radio-frequency identification (RFID) tags market.

A notable trend in the RFID tags market is the increasing adoption of advanced technologies such as IoT (Internet of Things) and Big Data. The integration of IoT enables RFID tags to connect objects within a network, facilitating real-time monitoring and the creation of a system of interconnected devices transmitting information about their position, conditions, and quantities in real-time. For instance, in February 2023, Omni-ID, a US-based company specializing in passive industrial RFID tags, introduced a range of Bluetooth Low Energy (BLE) and Long Range (LoRa) enabled IoT devices equipped with sensors. These devices utilize RFID tags to enhance asset management and logistics processes through the transmission of situational and status data. This reflects a growing trend in the market where RFID companies are leveraging advanced technologies to bolster their offerings.

Strategic partnerships have emerged as a prominent trend gaining traction in the radio-frequency identification (RFID) tags market. Major companies in the RFID tags sector are forging partnerships to fortify their market position. For example, in April 2022, a US-based manufacturing company entered into a partnership with MishiPay, a UK-based software company. This collaboration enables consumers and retailers to streamline in-person interactions and touchpoints through Scan & Go, a feature that has gained significance amid the post-COVID-19 return to normalcy. Additionally, in August 2022, Kit Check, a leading Medication Intelligence automation vendor, joined forces with Genixus, a US-based pharmaceutical company. Genixus introduced RFID-tagged propofol as the first product for its ready-to-administer (RTA) syringe platform, KinetiX, aiming to enhance acute and critical care operations and support physicians in improving patient outcomes. These partnerships underscore the industry's focus on collaborative efforts to drive innovation and meet evolving market demands.

In May 2022, HID Global, a US-based manufacturer of secure identity products, acquired Vizinex RFID for an undisclosed amount. Through this acquisition, HID Global aims to expand its RFID tag portfolio across various sectors, including healthcare/medical, manufacturing, oil & gas, and data centers. Vizinex RFID, a US-based company specializing in RFID tags, becomes part of HID Global's growth strategy to cater to diverse industry needs.

Major companies operating in the radiofrequency identification (rfid) tags market report are Avery Dennison Corporation, Honeywell International Inc., NXP Semiconductors N.V., Identiv Inc., Zebra Technologies Corporation, HID Global, Invengo Information Technology Co Ltd., Nedap, Omni-ID, GAO RFID Inc., Essen RFID, Asset Online Pvt. Ltd., Raviraj Technologies, Greenfuturz, Chipsilicon, Copper Spiral RFID, CFI global, Zhejiang Laxcen Information Technology Co. Ltd., Shenzhen ZD Technology Co. Ltd., Chengdu Mind Golden Card System Co. Ltd., Guangzhou Qingsong Digital Technology Co. Ltd., Shenzhen Udohow Electronics Co. Ltd., Vantage Ear Tag RFID Technology Co. Ltd., SALTO Systems, Suprema, Alfi srl, Torchwood Technologies, Codegate Ltd., Pervasid, Alien Technology Corporation, AMS AG, Atmel Corp, CipherLab Co. Ltd., Confidex Ltd., Datalogic S.p.A., Impinj Inc., SMARTRAC N.V, Technology Solutions UK Ltd. (TSL), ThinkMagic (Trimble), Xerox Corporation, Texas instruments, Roper Technologies Inc., FleetCor Technologies Inc., Orbcomm Inc, Gaming Partners International Corporation, Abracon LLC, Marnlen, Bastian Solutions, SATO America, InLogic IT Solution, DominateRFID, Datametric Technologies LLC, Amricon, Acube Infotech LLC, ScreenCheck, OGTech, EAM RFID Solutions, Nofa-Med Solutions, Askaris, Absolute Integrated Electronic Solutions (AIES), Aitech Systems Ltd., Al Smari Trading, Attraf company, Markes International Ltd., BUCHI Labortechnik AG.

North America was the largest region in the radio-frequency identification (RFID) tags market in 2023. The regions covered in the radiofrequency identification (rfid) tags market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the radiofrequency identification (rfid) tags market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

There are two main types of radio-frequency identification (RFID) tags such as active RFID and passive RFID. Active RFID tags, powered by batteries, act as sensor tags connecting to various access points within an area, transferring data to the cloud. Active RFID finds frequent application in real-time location tracking. These tags come in different materials such as plastic, paper, glass, among others, and operate across various frequencies such as low frequency, high frequency, and ultra-high frequency. RFID technology is utilized in diverse sectors, including industrial, retail and wholesale, healthcare, BFSI, transportation and logistics, government, and others.

The radio-frequency identification (RFID) tags market research report is one of a series of new reports that provides radio-frequency identification (RFID) tags market statistics, including radio-frequency identification (RFID) tags industry global market size, regional shares, competitors with a radio-frequency identification (RFID) tags market share, detailed radio-frequency identification (RFID) tags market segments, market trends and opportunities, and any further data you may need to thrive in the radio-frequency identification (RFID) tags industry. This radio-frequency identification (RFID) tags market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The radiofrequency identification (RFID) tags market consists of sales scanning antenna, a transceiver and a transponder.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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